Perceptive steers LianBio's globally connected China strategy to $325M IPO
LianBio was founded to tackle a big mission: to take the in-licensing strategy that’s been popularized in China over the past decade and supercharge it with rich global connections and a creative approach to dealmaking.
Now, the high-profile Perceptive startup has bagged $325 million to go even bigger as a public company.
The biotech has priced its IPO at $16 a share — for more than 20 million shares — giving it a fully diluted value of about $1.88 billion, according to Bloomberg.
Since entering the limelight last August, LianBio has inked a slate of deals showcasing just how important it is for a startup with transpacific ambitions to employ what it calls a next-generation model. With a horde of Chinese players clamoring for Western assets and jacking up valuations, Perceptive believes it’s imperative to pair an experienced management team with a “very strong business development engine” that can come from its portfolio companies.
It’s a pitch that BridgeBio, MyoKardia, Xontogeny and even Pfizer have bought into. As a result, LianBio has already curated nine programs across five therapeutic areas, including oncology, cardiovascular and inflammatory diseases — which they plan on developing and commercializing across China, Hong Kong, Taiwan, Macau and other Asian markets.
Perceptive will retain a close control of the company, holding about half of the shares following the IPO. The only other institutional investor is RA Capital at 5.8%, with partners and executive officers claiming much of the rest.
Social: Yizhe Wang, LianBio CEO